In July 2024, there were 797 new listings in Southwest Washington, which is a 3.9% increase from the 767 listed in July 2023, and a decrease of 4.7% from the 836 listed in June 2024.
610 pending sales last month show a 6.2% decrease from the 650 offers accepted in July 2023, and a decrease of 6.4% from the 652 offers accepted the previous month in June 2024.
Closed sale count of 621 this past July was an increase of 12.7% from the 551 closings last year in July 2023, and an increase of 12.3% from the 553 closings last month in June 2024.
Inventory decreased to 2.6 months in July 2024. Total market time increased to 45 days, with the average home sale price of $657,000, and a median home sale price of $557,300.
So, what does that mean to the buyers and sellers in our market? Owner of Cano Real Estate, Nathan Cano, comments, “July 2024’s real estate market in Southwest Washington is showing some interesting trends. We’ve seen a slight uptick in new listings compared to last year, but pending sales have dipped a bit, suggesting buyers are being more cautious. On the bright side, the significant rise in closed sales means that those who are committed are finding success. With inventory tightening to 2.6 months and market time extending to 45 days, it’s clear that the market remains competitive. Strategic pricing is more important than ever!”
For more information or to discuss your plans to buy or sell a home in Clark County, Washington, contact our team today!